E34: The Important Impact of Grandparents on Money

In this episode, we have special guest Ray Poteet. He shares lessons on the importance of grandparents in the lives of their grandchildren. And we discuss how grandparents can their grandchildren grow with understanding about money how money works.

Ray Poteet helped his grandchildren by what he's done with them and for them, especially financially. As many of you know, he's the founder of Living Wealth a mentor to the hosts of the show.

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Being a grandparent and now a great-grandparent, teaching other grandparents what he's learned is a passion of Ray's. So this is a special episode and topic to him.

Speaking about money is often a taboo subject in most homes. But as Ray says,

We teach them how to drive. We teach them how to run on a computer. [...] but we don't teach them about money.

Yet, it took money to buy a car. It took money to buy a cell phone. It took money to go out to eat. It took money to take them to Disneyland. The item that we needed to do all those things we forget to talk to them about.

So let's get to talk about money and other wisdom grandparents can share in this episode.\

Grandparents on Money Topics Discussed:

• The case for getting a parenting mentor
• Getting a grandparenting mentor
• Where to 'park' wealth to be of benefit to future generations
• Learning to actually talk about money
• At what age a policy can and should be started for a child
• Leveraging Infinite Banking Concepts to build a legacy
• The true destroyer of wealth and one way to guard against it
• The advantage of the grandparent's long view of time
• Changing money mindsets

Episode Takeaways:

It takes money to do most of the things we do every day in life. Yet, we forget to ever talk about money with our children and grandchildren.

As a grandparent and great-grandparent, teaching about money is the greatest joy I have right now. And I have the tool to be able to teach them.

I was so used to storing money. I was very fearful of not having enough. Now I'm more concerned if money is sitting and not moving rather than an amount of money.

Teach them motion of money instead of money sitting. Teach them replenishing and recapturing instead of just spending money.

The word God says knowledge is power. It also says in Hosea, "My people perish for lack of knowledge.